Max’s Group eyes 130 stores abroad
Max’s Group has secured an overseas pipeline of more than 130 stores slated to open in the coming years.
To date, Max’s Group has opened 35 stores including an international outlet for Max’s Restaurant in Kuwait. As of end-June 2016, MGI operates a network of 600 stores including 38 abroad.
“We have surpassed expectations due to the overwhelming response of foreign markets to our international expansion program. This clearly shows that our brands are well-primed for the global stage,” stated Peter King, CEO of Max’s Group International.
For 2016, Max’s Group has so far inked 11 development agreements for its offshore business. These are comprised of 70 Yellow Cab Pizza stores across China, Saudi Arabia, UAE, Singapore, Egypt and Jordan; 13 Pancake House outlets in Qatar and UAE; 10 Sizzlin’ Steak branches in Vietnam; and three Max’s Restaurants in San Diego.
For the first half of 2016, Max’s Group Inc has posted a net income of Php295 million, up 4 per cent from Php285 million in the the first half 2015.
“The results are consistent with our growth story and the overall state of the economy. For the second half, we will continue to execute a balanced store rollout in key strategic areas,” said Robert Trota, president and CEO of Max’s Group.
Restaurant sales increased 9 per cent to Php4.5 billion from P4.2 billion driven by new store openings and stable same-store sales performance in the first half of 2016, compared to the same period last year.
Systemwide sales grew 13 per cent to Php7.4 billion from Php6.6 billion in the first half of 2015.